Dollar Tree shares climb on earnings

RussBritt

LOS ANGELES (CBS.MW) - Shares of Dollar Tree Stores staked out to a gain in early trading Tuesday as the discount retailer's third-quarter net income dropped, but it raised expectations for the fourth quarter and full year.

Shares of Dollar Tree rose $1.04, or 3.7 percent, to $29.15.

Dollar Tree
DLTR, -0.12%
reported net income of $31.9 million, or 28 cents a share, for the three months ended Oct. 30, compared with $36.2 million, or 31 cents a share, for the like period a year ago. Revenue for the Chesapeake, Va.-based company was $724 million vs. last year's $665.2 million.

The company said same-store sales, or sales for outlets open more than a year, rose 0.7 percent.

Dollar Tree's earnings were in line with forecasts from analysts polled by Thomson First Call. But the company also forecast fourth-quarter earnings of 80 cents to 82 cents a share, and $1.65 to $1.67 in per-share earnings for the full year.

The First Call estimate was 79 cents for the fourth quarter and $1.64 for the year.

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